FG Doubles Down on Naira-for-Crude Policy: A Bold Step Toward Economic Sovereignty and Energy Security

In a decisive move to reshape Nigeria’s economic landscape, the Federal Government (FG) has reaffirmed its commitment to the Crude and Refined Product Sales in Naira policy, signaling that it is here to stay. This landmark initiative, which mandates that all crude oil and refined petroleum transactions be conducted in Naira rather than foreign currencies, has been described as a strategic, long-term directive approved by the Federal Executive Council (FEC)

The FG, through a statement released on its official X (formerly Twitter) handle, emphasized that the policy is not a fleeting measure but a deliberate effort to align with national interests and bolster Nigeria’s economic goals. Designed to enhance economic sovereignty, reduce dollar dependency, strengthen energy security, and boost local refining capacity, the policy represents a bold step toward transforming the country’s petroleum sector.

At a recent review meeting of the Technical Sub-Committee, stakeholders from both public and private sectors expressed unwavering support for the initiative. The meeting, chaired by Finance Minister Wale Edun, brought together key players including FIRS Chairman Zacch Adedeji, NNPC Limited executives, representatives from Dangote Refinery, the Central Bank of Nigeria (CBN), and international partners like Afreximbank. Their collective endorsement underscores a shared vision for a resilient, self-sustaining petroleum sector driven by local currency transactions.

Update on the Crude and Refined Product Sales in Naira Initiative

The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.

The meeting was attended… pic.twitter.com/Y2DkuUXZu2

— Federal Ministry of Finance (@FinMinNigeria) April 9, 2025

While acknowledging the challenges inherent in implementing such a transformative policy, the Ministry of Finance assured that these hurdles are being tackled head-on through coordinated efforts among all stakeholders. “The policy is central to the government’s broader economic reform agenda,” the Ministry stated, highlighting its potential to ease pressure on foreign reserves, promote local content, and ensure more stable pricing for refined products in the domestic market.

This initiative is more than just an economic policy—it’s a statement of intent. By prioritizing Naira transactions in the oil and gas sector, Nigeria aims to reclaim control over its resources, reduce reliance on foreign currencies, and foster sustainable growth. The presence of high-level stakeholders at the review meeting reflects a strong commitment to making this vision a reality.

As Nigeria charts a new course toward economic independence, the Crude and Refined Product Sales in Naira policy stands out as a beacon of hope. It’s a reminder that with determination, collaboration, and forward-thinking strategies, the nation can build a brighter, more prosperous future for generations to come.